Orbital Infrastructure Group Inc. Intends to Enter into Purchase Agreements for the Sale of Front Line Power Construction and Gibson Technical Services and Files for Chapter 11 Protection
HOUSTON, Aug. 23, 2023 /PRNewswire/ -- Orbital Infrastructure Group Inc. (NASDAQ: OIG) (the "Company"), announced today that it and certain of its subsidiaries (Orbital Solar Services, L.L.C., Orbital Power, Inc., Orbital Gas Systems, North America, and Eclipse Foundation Group, Inc.) have filed voluntary Chapter 11 petitions in the U.S. Bankruptcy Court for the Southern District of Texas (the "Bankruptcy Court"). The filing specifically excludes Front Line Power Construction ("FLP") and Gibson Technical Services ("GTS"), which are being sold separately as described below.
- The filing specifically excludes Front Line Power Construction ("FLP") and Gibson Technical Services ("GTS"), which are being sold separately as described below.
- The Company is seeking Bankruptcy Court approval of bidding procedures allowing for the submission of highest and best purchase offers.
- Under the purchase agreements, successful purchasers will not acquire the Company's other subsidiaries (Orbital Infrastructure Group, Inc., Orbital Solar Services, L.L.C., Orbital Power, Inc., Orbital Gas Systems, North America, Eclipse Foundation Group, Inc.).
- To provide necessary funding during the Chapter 11 proceeding, the Company has received commitments for two debtor-in-possession ("DIP") financing credit agreements with the FLP Lenders and the GTS Lender.